Group 1 - The geopolitical conflict in the Middle East has significant implications but limited actual impact on Chinese assets, leading to a sudden change in risk appetite [1] - High consensus sectors with elevated valuations and trading volumes are likely to experience increased volatility, while the trend towards AI and strong industrial sectors will strengthen [1] - The focus is shifting back to policy signals, with persistently low price signals potentially acting as a new catalyst, requiring patience [1] Group 2 - The recent conflict between Israel and Iran may induce short-term disturbances in the A-share market, but the substantive impact is expected to be minimal [2] - Defensive sectors such as oil, gas, and precious metals may present better investment opportunities in the short term [2] - Historical data suggests that industries with favorable earnings forecasts tend to perform well, particularly in the context of the A-share market [2] Group 3 - Historically, conflicts in the Middle East have had minimal impact on A-shares and Hong Kong stocks, and the current situation is not expected to differ significantly [3] - The low share of the Middle East in China's import and export trade indicates that the conflict's effect on the domestic economy is weak [3] - The market may adopt a "wait and see" approach, focusing on existing main lines while observing the conflict's duration for future investment decisions [3] Group 4 - Recent negotiations between the US and China have eased trade tensions, but escalating geopolitical conflicts are impacting market risk appetite [4] - The upcoming Lujiazui Forum is expected to unveil significant financial policies, which could provide structural opportunities in the A-share market [4] - The domestic economy is anticipated to show resilience due to ongoing policy support, despite external uncertainties [4] Group 5 - The technology growth sector is becoming increasingly prominent in the market, with recent conflicts providing potential buying opportunities [6] - The internal factors, such as the outcomes of US-China negotiations and stable domestic economic performance, are crucial for market trends [6] - The technology sector remains in a high cost-performance zone, supported by industry trends and improving fundamentals [6] Group 6 - The market is currently experiencing a short-term adjustment phase, with high trading density leading to lower short-term returns [7] - Despite external disturbances, the long-term revaluation of Chinese assets is ongoing, with a focus on low-density, high-potential sectors [7] - Investment strategies should consider stable dividend stocks and sectors with lower trading density but strong industrial catalysts [7] Group 7 - The regional conflict is likely to have a pulse-like impact on the market, with the core issue being the structural nature of the market [8] - The stability of capital market policies is providing a buffer against macro disturbances, allowing for a focus on strong sectoral trends [8] - The technology sector's recovery is expected to depend on breaking through existing structural barriers [8] Group 8 - The A-share market is anticipated to gradually rise due to supportive fiscal policies and improved liquidity conditions [9] - Key investment opportunities are identified in sectors such as innovative pharmaceuticals, consumer services, and AI applications [9] - The market's upward movement is contingent on the development of new industries and the overall economic environment [9] Group 9 - The AH premium index has recently dropped to its lowest level in five years, indicating potential for further convergence [10] - Factors influencing the AH premium include the liquidity of the Hong Kong market and the quality of listed companies [10] - The trend suggests that the AH premium may continue to narrow, with potential for more Hong Kong stocks to outperform A-shares [11] Group 10 - The recent US-China negotiations have met market expectations, but geopolitical tensions are causing short-term fluctuations in the A-share market [12] - The core factors affecting A-shares remain structural issues rather than external events, with a focus on economic fundamentals and policy developments [12] - The upcoming Lujiazui Forum is seen as a critical window for observing significant financial policies that could support market stability [12]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This week, the market first declined and then rose, showing a sideways and narrow - fluctuating trend with an unclear main line. In the equity market, sectors such as non - ferrous metals, petrochemicals, and agriculture, forestry, animal husbandry, and fisheries led the gains, and the large - cap style was dominant. Positive feedback in the equity market may be gradually forming. From May 29th to June 12th, the bond market had a relatively high - amplitude upward trend since April 7th, with the 30 - year Treasury bond futures recording a maximum increase of 2 points. The short - term upward momentum of the bond market may be limited, and it is more likely to show a volatile trend [1][7]. - Positive feedback in the equity market may be gradually forming. Since April 7th, institutions such as Central Huijin have been bullish on the equity market and entered the market to buy, which has played a crucial role in supporting the equity market. As the resilience of the equity market gradually strengthens, the decline is limited and often accompanied by rebounds, which further enhances investors' confidence. Since May, the Shanghai Composite Index has faced relatively large profit - taking pressure when approaching the annual high, but the market adjustment has been generally controllable, indicating the gradual enhancement of investors' confidence. In terms of allocation, it is recommended to focus on the dividend style, which continues to be highly allocated, and gradually layout sub - sectors in the technology growth sector with potential for recovery [2][8]. - The convertible bond market resonates with the equity market, and structural opportunities dominate the trading rhythm. Currently, the convertible bond market maintains a pattern of high - valuation shock repair. The index is short - term limited by the height of the underlying stocks and the supply rhythm, while the medium - term structural allocation logic continues. The allocation strategy suggests focusing on three main lines: controlling positions, preferentially allocating large - cap blue - chip stocks with high ratings and good liquidity; paying attention to small and medium - cap low - parity, high - elasticity varieties; and closely monitoring the clause game rhythm and credit rating changes to adjust positions [2][9]. Group 3: Summary by Relevant Catalogs 1 Market Observation - From June 9th to June 13th, the broad - based indexes and convertible bond indexes first declined and then rose. The convertible bond financial index, AAA index, convertible bond low - price index, and large - cap index led the gains. In terms of valuation, the valuations of balanced and equity - like convertible bonds were compressed. The short - term upward momentum of the bond market may be limited, and it is more likely to show a volatile trend [7]. - Positive feedback in the equity market may be gradually forming. The market is currently in a stage of structural switching with high volatility and rotation, and the main line is in a dynamic balance among AI technology, new consumption, and dividend value. In terms of market value, large - cap dividends and mid - cap growth are favored by funds. In terms of style, the growth main line is gathering strength, and the dividend logic is stable. In terms of allocation, it is recommended to focus on the dividend style and technology growth sectors [8]. - The convertible bond market resonates with the equity market, and structural opportunities dominate the trading rhythm. The overall strategy should focus on structural optimization, risk control, and theme rotation, and the dumbbell strategy is still preferred. It is recommended to use a neutral position to deal with fluctuations, improve strategy flexibility through careful bond selection, and continuously pay attention to changes in the supply rhythm and capital structure [9]. 2 Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - The report provides the performance data of various convertible bond indexes in different time periods, including the recent week, two weeks, since March, one month, two months, half - year, and one - year. For example, the Wind Convertible Bond Energy Index had a 0.41% increase in the recent week, 1.28% in the recent two weeks, etc. [10]. 2.2 Convertible Bond Individual Bonds - Not provided in the given content 2.3 Convertible Bond Valuations - Not provided in the given content 2.4 Convertible Bond Prices - Not provided in the given content

Core Viewpoint - The article highlights the continuous inflow of funds into ETFs, driven by the issuance of various thematic products such as free cash flow, healthcare, and consumer sectors, amidst a global trend of declining interest rates [1][3][11]. Fundraising and Market Trends - As of June 13, the newly established ETFs in the second quarter have raised over 30 billion yuan, with total net inflows into ETFs approaching 300 billion yuan [2][8]. - A total of 71 ETFs were established in the second quarter, raising 30.85 billion yuan, with 21 of these being free cash flow products, accounting for 40% of the total [4][5]. Product Types and Focus Areas - The newly launched ETFs include mainstream broad-based products and thematic products in technology and healthcare. Key categories are: - Free cash flow products, with 21 ETFs raising 12.35 billion yuan [5]. - Mainstream broad-based products like the CSI 300 and CSI A500, with several ETFs raising over 1.8 billion yuan each [5]. - Thematic ETFs in sectors such as healthcare and consumer, with multiple funds launched in the second quarter [6]. Fund Inflows and Performance - The inflow of funds into existing ETFs continues, with net inflows in the second quarter significantly higher than in the first quarter, particularly in stock-related ETFs [8]. - Notably, broad-based ETFs like the CSI 300 have seen net inflows exceeding 30 billion yuan [8]. Global ETF Market Trends - The global ETF market is experiencing a strong inflow trend, with cumulative net inflows reaching approximately 8.2 trillion USD from 2014 to April 2025, indicating a growing recognition of ETFs' long-term investment value [9][10]. - China's ETF market is particularly robust, with a significant share of the Asia-Pacific region's ETF assets and a net inflow of approximately 784.4 billion yuan over the past year [10]. Investment Directions - The article identifies three key investment directions based on optimistic market predictions: - Technology growth, particularly in AI and related sectors [11][12]. - Chinese manufacturing, focusing on high-quality companies in various industries [13]. - New consumption trends, especially in the rapidly expanding collectible toy market, projected to reach 110.1 billion yuan by 2026 [13].

Key Points - The article discusses the recovery of equity market sentiment and the fluctuating bond market in May 2025, influenced by the US-China tariff agreement and monetary policy adjustments [2][5][6] - It emphasizes the importance of balancing growth and defensive strategies in investment portfolios, highlighting the need to capture structural opportunities while being cautious of external disturbances and domestic economic data fluctuations [2][14] - The performance of various fund styles is analyzed, showing that value and balanced styles outperformed growth styles in May 2025, with significant movements in sector-specific funds, particularly in healthcare and military themes [9][10][11] Equity Market Overview - In May 2025, the equity market experienced a "rise, fall, and stabilization" pattern, with major indices showing gains due to supportive monetary policies and the US-China tariff agreement [6][7] - The overall trading volume decreased, indicating a lower risk appetite among investors, with small-cap stocks seeing increased activity [11][12] Bond Market Overview - The bond market exhibited a narrow range of fluctuations, with government bond issuance and tariff negotiations impacting interest rates [8][18] - The yields on 1-year, 3-year, and 10-year government bonds changed slightly, reflecting the market's response to monetary policy and external factors [18][26] Fund Performance Review - The article reviews the performance of public funds, noting that all major equity fund indices recorded gains, with the Wande Stock Index and Wande Ordinary Stock Index leading with increases of 1.59% and 1.23%, respectively [7][8] - The article highlights the performance of thematic funds, particularly in healthcare and military sectors, which saw significant gains due to market dynamics and geopolitical events [10][11] Fund Strategy Insights - The article outlines strategies for equity and fixed-income fund allocations, suggesting a focus on growth and defensive sectors while maintaining a balanced approach [2][3][14] - It discusses the construction of various fund indices, including low, medium, and high volatility fixed-income funds, aimed at providing stable returns while managing risks [19][28][30]

Group 1 - Haiguang Information disclosed a major asset restructuring plan on June 9, proposing to issue A-shares to all shareholders of Zhongke Shuguang in exchange for their shares [1] - The exchange price for Haiguang Information's shares is set at 143.46 CNY per share, while the exchange price for Zhongke Shuguang's shares is 79.26 CNY per share [1] - After the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Zhongke Shuguang [1] Group 2 - According to Zhongtai Securities, the strategic restructuring is expected to achieve complementary capabilities in the computing power industry chain and technical synergy, creating an integrated solution for "domestic chips + server systems" [1] - The merger aims to enhance the development of high-end chips and optimize integrated technology solutions, accelerating the realization of economies of scale [1] - Dongwu Securities indicated that in the short term, the rotation of themes will continue, and a weak dollar environment could benefit Chinese assets, potentially leading to a new round of growth in A-shares [2] Group 3 - On June 10, following the merger announcement, Zhongke Shuguang's shares hit the daily limit, while Haiguang Information's shares rose nearly 9% [2] - The Huashan Xinchuan ETF trio, including the Sci-Tech Chip ETF (588290), Sci-Tech Information ETF (588260), and Digital Economy ETF (159658), received significant market attention and capital inflows [2] - The Sci-Tech Chip ETF closely tracks the Shanghai Stock Exchange Sci-Tech Board Chip Index, reflecting the performance of semiconductor-related companies [3]

Group 1 - The market experienced a slight rebound last week, with an average daily trading volume of approximately 12,089 billion yuan, despite overall trading activity remaining subdued [1] - The direct communication between the leaders of China and the United States after trade frictions has positively impacted the market, particularly benefiting export-oriented sectors [1] - Growth stocks outperformed value stocks, with small-cap stocks leading large-cap stocks; sectors such as telecommunications, non-ferrous metals, and electronics performed well, while household appliances, food and beverages, and transportation lagged [1] Group 2 - Domestic exports remain resilient, but real estate sales are weakening rapidly, compounded by the exhaustion of subsidies for automobiles and home appliances, leading to a lack of support for domestic demand [2] - The SCFI index has shown an upward trend, indicating a recovery in external demand, while real estate sales for new and second-hand homes have significantly declined [2] - The automotive industry is facing tightening consumer subsidy policies, which may further pressure domestic demand [2] Group 3 - Two key events are expected to significantly impact asset prices: the potential delay in the U.S. interest rate cut path and the possibility of the "Great Beautiful Plan" proposed by Trump passing, which includes tax cuts and adjustments to subsidy policies [3] - The recent communication between the U.S. and Chinese leaders emphasizes the need for enhanced cooperation across various sectors, which could alleviate some pressures on high-tech industries in China [3] Group 4 - The divergence between fundamental expectations and macroeconomic expectations remains a key theme in the market, with limited upward and downward potential [4] - The market's downside risks are primarily driven by deteriorating fundamentals and declining corporate profits, while progress in tariff negotiations may mitigate these negative impacts [4] - Future market movements may depend on exceeding expectations in fundamentals, liquidity, or industry catalysts [4] Group 5 - The investment strategy suggests a "barbell" approach, focusing on high-dividend sectors post-dividend payouts and gold sectors due to ongoing central bank purchases [5] - In a macroeconomic easing period, technology growth sectors are expected to yield higher returns, with specific attention to commercial aerospace, autonomous driving, domestic computing power, consumer electronics, and robotics [5]

在过去几年的震荡调整行情中，科技成长股遭遇深度调整，不少成长风格的基金经理，遭遇了所管基金 净值下跌和规模缩水的窘境。但也有少数基金经理，依靠乐观、勤奋以及对投资的深刻认知，历经震荡 行情，仍能实现基金业绩和规模的双重增长，备受业内瞩目。 景顺长城基金公司深耕科技投资领域的张雪薇，就是这样一位基金经理。近期，她向上证报记者分享了 她的投资之道。 眼里有光看好中国科技发展的未来 Wind数据显示，截至5月31日，张雪薇管理的景顺长城研究精选、电子信息产业的A份额近1年净值分别 增长20.47%、32.69%，同期业绩比较基准分别为7.37%、29.09%。根据基金季报，截至2025年一季度 末，这两只基金合计规模为110.85亿元。 在张雪薇看来，DeepSeek的出现告诉我们两件事情：一是中国的模型迭代与海外的差距已大大缩小； 二是大模型降本增效，大幅减少了对昂贵算力资源的依赖，打破了海外的生态垄断，也大大提升了市场 对中国人工智能发展的信心。 张雪薇认为，美国硅谷很多人工智能精英是华人，而中国国内其实也是人才济济，只要给这些优秀人才 以好的激励制度，同样可以做出漂亮的产品。DeepSeek就是很好的案例，这 ...

Group 1 - A-shares experienced fluctuations and upward trends in early June, with a focus on fundamental investment logic from June to August [1] - Institutions recommend focusing on traditional capacity reduction, the rise of new consumption, and sectors with high industry prosperity, including automotive, non-ferrous metals, retail, beauty care, and chemical pharmaceuticals [1][6] - Short-term fluctuations in Hong Kong stocks are expected, but they possess recovery potential in the medium to long term, making them worthy of investor attention [10] Group 2 - The People's Bank of China has increased its gold reserves for seven consecutive months, with a total of 7.383 million ounces as of the end of May, reflecting a month-on-month increase of 60,000 ounces [2] - Foreign institutions such as Morgan Stanley and Goldman Sachs express optimism about the asset allocation value in China, citing favorable economic growth expectations and relatively low asset valuations [4] Group 3 - Citic Securities emphasizes the importance of fundamental investment logic from June to August, highlighting the supply chain for computing power (AI servers, optical modules, switches, etc.) as a key focus area [5] - Dongwu Securities suggests that short-term thematic rotation may continue, with attention on new consumption, innovative pharmaceuticals, controllable nuclear fusion, AI edge devices, and commercial aerospace [7] - Huatai-PB Fund anticipates an increase in focus on consumption and cyclical sectors, driven by improved Q1 A-share company performance and potential recovery in foreign trade and economic expectations [8] - Huitianfu Fund indicates that the timing for technology growth investments is approaching, with the market sentiment having been released after prior adjustments, particularly in the AI industry chain [9]

Core Viewpoint - The technology sector has recently shown signs of recovery from its bottom position, remaining in a high cost-performance range, with overseas uncertainties easing and risk appetite improving, leading to significant gains in the overseas technology market, which will reflect on the A-share technology growth sector [1][7]. Group 1: Current Position and Cost-Performance of the Technology Growth Sector - The technology growth sector is expected to shift back towards technology growth as the main market line in June, with signs of recovery from the bottom observed [1]. - Various indicators such as crowding degree, rolling return difference, trading volume proportion, and calendar effect suggest that the technology sector has risen from its bottom position and remains in a high cost-performance range [1][3][6]. - The crowding degree indicates that while some technology sub-sectors are beginning to recover from their bottom levels, most remain at relatively low levels [1]. - The rolling return difference between TMT and the overall A-share market has quickly repaired to below 0%, still far below the 10% historical peak, indicating further recovery potential as the technology growth trend solidifies [3]. - Trading volume proportion for TMT has rebounded to around 30%, up from historical lows of 22%-23%, but still significantly below the 40%-50% levels seen during previous TMT market peaks [6]. Group 2: Focus Areas in the Technology Sector - The AI industry chain is highlighted as a key focus area, with attention on upstream self-controlled computing power and downstream application innovation [14][17]. - Upstream areas to watch include GPU, optical modules, PCB, and IDC (computing power leasing), while midstream focuses on AI agents, SASS, industry application software, and basic/general software [14][17]. - Downstream sectors include humanoid robots, online education, fintech, virtual reality, and digital marketing, which are expected to see significant growth [14][20]. - The upstream computing power sector is identified as having strong certainty in its prosperity, benefiting from the current AI industry trend, while downstream application innovations are expected to drive demand growth for upstream computing power [17][20]. Group 3: Calendar Effects and Upcoming Events - Historical calendar effects indicate that June typically sees a relatively high success rate for the technology sector, with significant industry catalysts expected to drive performance [8]. - Key upcoming events in June include the release of new gaming consoles, AI conferences, and major tech company developer conferences, which are anticipated to provide further momentum for the sector [13].

Group 1: Market Overview - The A-share market saw a significant increase in trading volume, maintaining above 1 trillion yuan, with major indices showing upward trends: Shanghai Composite Index up 1.13%, Shenzhen Component Index up 1.42%, and ChiNext Index up 2.32% [1] - The technology sector is favored by investors, with its approval rating rising by 10 percentage points to 42%, while the pharmaceutical sector saw a decline to 11%, down 7 percentage points [4] Group 2: Investor Sentiment - A survey indicated that 55% of respondents believe the market will rise above 3400 points next week, while 74% view the current market as a "volatile market" [3] - Over 60% of respondents reported making profits, with 58% earning within 10%, marking a significant increase of 23 percentage points from the previous survey [2] Group 3: Sector Performance - The communication sector led the gains with a 5.27% increase, followed by non-ferrous metals and electronics at 3.74% and 3.6% respectively, with several other sectors also showing gains above 2% [1] - Financial analysts suggest that the technology growth direction will be the market's main focus, particularly in areas such as domestic AI chips, computing infrastructure, PCB boards, optical modules, AI applications, and large models [4]